Mubasher: Alargan International Real Estate achieved a leap of 1,441.5% in profits during the third quarter of 2017 compared to the same period last year.
Earning surged to KWD 4.5 million ($14.9 million) in Q3-17 from nearly KWD 294,500 ($974,900) in Q3-16, according to a bourse filing issued on Wednesday.
During the first nine months of 2017, profits soared by 337.8% to total KWD 5.1 million from KWD 1.2 million in the same period a year ago.
Alargan clarified that the jump in profits is attributed to lower administrative and general expenses as well as the decline in finance expenses and the decrease in unrealised profits.
It is worth noting that the company posted a drop of 37.7% in profits to nearly KWD 539,240 compared to approximately KWD 865,660 in H1-16.